Ecobank Nigeria unveils special scheme on loans, remittances

Ecobank Nigeria has unveiled a special scheme on Back2School loans and remittances for all its customers. Head, Consumer Banking, Ecobank Nigeria, Korede Demola-Adeniyi said the loan offerings have been developed based on the bank’s understanding of the importance of education and to further support customers with the financial freedom they deserve. She stated that as part of the scheme, Ecobank will also be providing Back2School gifts to customers when they receive inflows for school fees payment into their Domiciliary account, stressing that the bank has consistently shown its commitment and support across various customer segments.

Mrs Demola-Adeniyi noted that both new and existing individual customers of the Bank can benefit from the scheme, highlighting that this is the perfect time to open an Ecobank account or reactivate dormant ones, in both local currency (LCY) and foreign Currency (FCY) to enjoy all the benefits of the  Back2School Scheme. “According to her, “we are aware that our customers are diverse with different needs and belong to different segments of the society hence we are always coming up with initiatives like this to cater to our various target markets” . In the same vein, the bank is offering competitive rates on FCY inflows whether as fixed deposits or as cash collateral for loans.

Speaking on the dynamics of the scheme, Mrs Daberechi Effiong, Head, Consumer Products, mentioned that loan offerings are available to all categories of customers in paid and self-employment. “Customers can either opt for the Employee Credit or Cash backed Back2School scheme based on their cashflow. The Cash backed scheme gives customers access to competitive interest rates on their funds while accessing the Back2School loan. For the Employee Loan, customers can access up to N20 million for the purpose of school fees payment. The low-cost loan also comes with flexible tenors.

Mrs. Effiong  listed the benefits of the Back2School scheme as follows: convenient repayment with flexible tenors to match customers’ cashflow, competitive interest rate on loans, competitive interest rate on deposits for cash backed loans and FCY inflow, exciting Back2School gifts, additional  N5 per dollar on remittance inflows received and easy access to other loan products including the Buy Now Pay Later scheme with SPAR.